Article Text
Bank Stood the Shock. Porland, Me., Dec. 22.-The Portland Savings Bank sustained a heavy run today, paying as fast as depositors called with their books.
7711. Portland Savings Bank (Portland, ME)
Bank Information
- Episode Type
- Run โ Suspension โ Reopening
- Bank Type
- savings bank
- Start Date
- December 22, 1899
- Location
- Portland, Maine (43.661, -70.255)
Metadata
- Model
- gpt-5-mini
- Short Digest
0624fd9ede651c29
Response Measures
None
Description
Multiple contemporaneous articles report a run on Dec 22, 1899 caused by a rumor of unknown origin. Bank paid out about $125,000, closed its doors and took refuge behind the means provided by law (legal notice/temporary suspension) but planned to reopen the next morning and did reopen. I therefore classify this as a run that led to a short suspension and reopening.
Events (1)
1.
December 22, 1899
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Groundless rumor of unknown origin about solvency, possibly fueled by failure of Woodbury & Moulton; depositors withdrew funds largely in gold.
- Measures
- Paid out about $125,000; closed doors and took refuge behind the means provided by law (legal notice/temporary suspension); received currency shipments (e.g., $50,000 from Boston) and prepared to reopen.
- Newspaper Excerpt
- A rumor of unknown origin concerning the solvency of the Portland Savings Bank started a run on the bank today. Deposits were turned over as fast as the books were presented, most of the payments being in gold.
- Source
- newspapers
Newspaper Articles (16)
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Which Issued Three Million and a Half in Certificates and Gave the Globe Bank Three Millions. FOR DEPOSITORS RELIEF . NATIONAL SHAWMUTT BANK PROVIDES CHRISTMAS MONEY. . Sensation at Meeting of Squire Company's Creditors-Run on a Portland (Me.) Savings Bank. . BOSTON, Dec. -Another day of unrest withBoston's financial circles went by The in incidents of a startling nature. Bank receivership out for the Globe National by nearly every banker and broker surprise, took and before business in the money But market began forebodings were dire. and fears were not situation to-night was, prophesying for the not conserva- realized, slightly tively considered, as good, if better, than at any time for a fortnight. the Not a failure was announced when was closed, and money The key of the the seemed Stock Exchange easy. action whole of situabelieved to be in the association in tion clearing-house is issuing $3.worth of certificates for this amount it is Bank received $3,000,000 it is currently 500,000 relief. Yesterday, the Globe From reported, understood temporary in cash. give the house committee to Bank further clearing the Globe assistance, declined to and this fact is attributed the quick appointment of a receiver. There is some interest in the value of the to worth of collateral turned over house by the Globe $4,500,000 the clearing Bank, impaired and whether the latter's failure has value. nothing at about the dealings of that present Officially, will the be if Globe said the with the clearing house, and held by the latter desecurities Bank safety have the preciated below the margin of individual banks will nave to bear the loss pro rata. The loan of $3,000,000 to the Globe Bank relieved the financial tension on numerous brokers and bankers. Firms that had thouon when the Globe of trouble have showed sands signs deposit since Bank with- paid first their accounts, and the money from the The bank paid out from its drawn out came clearing-house deposits loan. the month $2,042,000. On in the bank reached past between $10,175,000, the for months was eight and up to the amount average nine millions, time May of during 6, and the the the recent troubles. Three-fourths of bank's stock, or $750,000, is held by Massabanks, all are for the 100 per cent. imchusetts good savings liabilities of which law on individual would-be customers appeared posed When by early stockholders. Globe Bank they found Receiver in and the at customed at Wing There was no but as business on grew for to its height the bank was of and many said it and the market the usual mirror of finance, hardly a was created. Stocks went and ripple down, Boston brokers maintained that New York. attraction, the a downs against time, itself, charge places. clerks harsh officials. Coppers words excitement of good quotations the the their the did In center street sized were ups but not ac- the as predicted, here slump followed away their weakness and hardly touching the low-priced ones being on an average scarcely more noticeable than for weeks past. During the forenoon the National Shawmutt Bank made public the following notice: "That there may be as little inconvenience as possible to the depositors of National Bank and others the Shawmutt Bank offers to National the Globe Globe advance Bank to-day to all depositors in the against their deposits 50 per cent. of the net amount of the same." The Broadway National Bank's affairs would have been lost sight for the time being had not the creditors of the Squires the fortunes of which are company, gled those of the bank, met and to form a of After the meeting it denial of that line action. Mr. Chaplin's the developed reported of the firm to the a as he caused indebtedness than the was represented as owing more a dollars through the firm the of the bank. This was explained, by charging million books their with sensation, plans stated falsifying Globe committee firm the done, that to with- Bank notes min- out- Mr. of loans against the Chaplin and collateral that out crediting the collateral, so every loan was made to appear twice as large it should. At first it was not considas ered wise to give publicity to the condition of the bank's affairs, but the assignment is thought to make it prudent to do so now. Some demand for ready cash was made the market here by a Portland bank on on which a run was made, but it did not disturb conditions.
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RUMOR STARTS A RUN. Depositors Raid n Maine Savings Institution. / PORTLAND, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings Bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of one and a quarter millions invested in good securities. About $125,000 was paid out to-day and the bank will reopen in the morning prepared to meet any and every demand. State Bank Examiner Timberlake gave a statement for publication, saying that a great deal of this disturbance grew out of the failure of Woodbury & Moulton and the alleged connection of the bank with that firm. While the bank had loaned money to Woodbury & Moulton, it had collateral nearly sufficient to secure it from any loss. The last examination showed a surplus of about a million and a quarter dollars and the condition of the bank has not materially changed since that time.
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RUN ON A PORTLAND, ME., BANK. Caused by Rumor of Unknown OriginThe Bank Solvent. Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of one and a quarter millions, invested in government securities. About $125,000 was paid out to-day and the bank will reopen in the morning,
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COPPER STOCKS DID NOT SLUMP Boston Has Apparently Recovered From Its Panic - Prices Were Maintained. Boston, Dec. 22.-Another day of unrest in Boston's financial circles went by without incident of a startling nature. Not a failure had been announced when the stock exchange closed this evening and the money seemed easy. When early would-be customers appeared at the Globe bank they found Receiver Wing in charge and the clerks at their accustomed places. There was no excitement for a time, but as business on the street grew to its height the bank was the center of attraction and many harsh words were said against the officials. On the market itself, the usual mirror of the ups and downs of finances, hardly a good sized ripple was created. Stocks went down, but Boston brokers maintained that quotations here followed New York. Coppers did not slump away as predicted, their weakness hardly touching the low priced ones and being on an average scarcely more noticeable than for weeks past. The Broadway National bank's affairs would have been lost sight of for the time being had not the creditors of the Squire company, the fortunes of which are mingled with those of the bank, met to outline their plans and to form a committee of action. Some demand for ready cash was made on the market here by a Portland savings bank, on which a run was made, but it did not disturb conditions. Three-fourths of the Globe bank's stock, or $750,000, is held by Massachusetts savings banks, all of which are good for the 100 per cent. liabilities imposed by law upon individual stockholders.
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RUN ON A BANK Depositors of Portland Savings Bank Draw Out Their Deposits Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank today. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of one and a quarter million dollars invested in government securities. About $125,000 was paid out today, and the bank will reopen in the morning, prepared to meet any and every demand. State Bank Examiner Timberlake gave a statement for publication, saying that a great deal of this disturbance grew out of the failure of Woodbury & Moulton and the alleged connection of the bank with that firm. While the bank had loaned money to Woodbury & Moulton it had collateral nearly sufficient to secure it from any loss.
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Run on a Portland Bank. Portland, Me., Dec. 23.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank yesterday. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law, and the doors were closed.
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RUN ON A BANK. & Rumor Frightens Depositors in a Portland, Me., Institution. PORTLAND, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank today. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready
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Run on a Portland Bank, PORTLAND, ME., Dec. 22.-A rumor of unknown origin, concerning the solvency of the Portland Savings Bank, started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. About $125,000 was paid out to-day, and the bank will reopen in the morning prepared to meet any and every demand.
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Run on Portland Bank. I Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings bank, caused a run on the bank today. The deposits were turned over as fast as the books were presented most of the payments being in gold. The crowd reached such proportions early in the afternoon. how. ever. that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. About $125,000 was paid out today and the bank will reopen in the morning prepared to meet any and every demand.
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Run on Portland Savings Bank. PORTLAND, ME., December 22.-A rumor of unknown origin concerning the solvency of the Portland Savings Bank started a run on the bank to-day. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law, About $125,000 was paid out to-day, and the bank will reopen in the morning, prepared to meet any and every demand.
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Run on a Portland Bank. Portland, Me., Dec. 23.-A rumor of unknown origin concerning the solvency of the Portland Savings bank started a run on the bank yesterday. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions, however, that officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law, and the doors were closed.
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Run Not Expected to Continue Today. Bank Officials Offered Millions in Currency. The Portland Savings bank, one of the strongest financial institutions in New AseA "una,, . Jo euess eqq SWM 'puviSu , terday which lasted up to_the closing hour. The cause for this run was a rumor, Indefinite, unexplainable and absurd which 41 no 10th and EVA started from a source which no one could name, from a cause which no one knew but seemed to grow more definite and should SUM # su startitue erom from the lips of one idle person to another. Men too insignificant to notice on ordinary occasions and who are passed by with a contemptuous smile by the busy world at other times attained a certain dignity on Thursday when they busied themselves in circulating the story that "a certain bank is in trouble." These persons became more bold in the assertions they had to make as Thursday evening wore on a little and they were by this time more definite in thair statements. The "certain bank" was mentioned and the Portland Savings bank particular 647 SW a probaque SUM -eq Story eqa chothe 04 4314 rueq cause that institution to known as one of the strongest and most conservative in New England and this fact made their -18 stuess 11 statement ejont the II" the most incredible that such a tale coming from any source should be taken seriously by any intelligent person but that It 144M &q amous st Anum &q eredited SUM followed. Probably the recent failure of Woodbury and Moulton in this city which neequal epear ose sheem Mer . Aqua person public at large more credulous and nervous than they would ordinarily have been but at any rate when Friday mornJOI peuedo SUM queq ene pay email Sup business the nervous ones were on hand -ettere 11111 810A supedep them 103 07 ment attended the "run" during the first few hours. Depositors in a steady stream poured into the bank got their money Moq 008 04 inoqe poots JO depended pus long the bank would continue to "pay up." About noon a crowd of curious persons gathered on Exchange street and in the bank to see the run and two-thirds of tibs crowd had no special interest in the matter anyway, but were attracted by the novel sight which was presented about the bank. The bank officials were taken by surop 01 continuod exployes eqf anq pejud their work without any flurry or hitch. Many of those who came and demanded their money were small depositors and 180m eq: BIGM natural SEM SV dhese V excited by the tales they had heard. PRESS reporter interviewed some of those who were withdrawing their money from the bank as to why they feared a bank failure at this particular institufour sqm Ave pinoo meqt jo euos 'uoja feared this bank was in trouble but their Invariable reply was that the money they had there was all they had in the world and they had been told they had better take it out. Many large depositors were seen standing about the bank, but they the II" 3" urees you PIP epum meqs JO mej B you pus Aenour deposits while the run was in progress. eqq penssi offeials rueq eas ucon 4V following statement: Portland, Me. Dec. 22, 1899 To the Depositors of the Portland Savings Bank: The directors of the Portland Savings bank have decided it to be for the interest of the depositors to demand legal notice dollars perpunq euo JOAO surne 11แต no today. se BUOMS 08 JeASu SVM rung eq.f. -11" B pue euo JO supplies B seq I securities up 11 non Franklin R. Barrett, President; Charles S. Febes, James P. Baxter, Sidney W. Thaxter, William H. Moulton, No.se's 'V premph It so happened that Bank Examiner pus Ano up SUM Postand eus no ans our JO beauting Savings bank visited that institution and equal Avile 04 Jemod siq up II" PIP He was asked by a woman if there was with the bank and replied:
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RUN ON A PORTLAND BANK. DEPOSITORS WERE FRIGHTENED BY APPARENTLY GROUNDLESS RUMORS. Portland, Me., Dec. 22.-A rumor of unknown origin concerning the solvency of the Portland Savings Bank, started a run on the bank to-day. Deposits were turned over as fast as the books were presented. most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that officials of the bank decided to guard against running short of ready cash by taking refuge behind the means provided by law. The statement issued says the bank has a surplus of $1,250,000 invested in Government securities. About $125,000 was paid out to-day, and the bank will reopen in the morning prepared to meet any and every demand. State Bank Examiner Timberlake gave a statement for publication, saying that a great deal of this disturbance grew out of the failure of Woodbury & Moulton, and the alleged connection of the bank with that firm. While the bank had loaned money to Woodbury & Moulton, it had collateral sufficient to secure it from any loss. The last examination showed a surplus of about $1,250,000, and the condition of the bank has not materially changed since that time.
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The Run on Bank Continues Portland, Me., December 23.-The run on the Portland Savings bank, which began yesterday, continued today in a mild form, a few out-of-town depositors having decided to draw out their savings. Otherwise the situation was much quieter. The bank received $50,000 in bills from Boston today, and with this amount it was believed all demands could be met. The affairs of the bank are in good condition, and it is expected the excitement will soon subside.
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A RUN ON A BANK. Portland, Me., December 22.-A rumor of unknown origin concerning the solvency of the Portland savings bank started a run on the bank today. Deposits were turned over as fast as the books were presented, most of the payments being in gold. The crowd reached such proportions early in the afternoon, however, that the officials of the bank concluded to guard against running short of ready cash by taking refuge behind the means provided by law. About $125,000 were paid out today, and the bank will re-open in the morning prepared to meet any and every demand.